Temasek has joined a consortium backed by Microsoft, BlackRock and tech investment company MGX to invest and expand artificial intelligence infrastructure. The Singapore state investment company has joined AI Infrastructure Partnership (AIP), a group that also includes BlackRock's Global Infrastructure Partners.
AIP was formed in September with a goal to initially invest more than $30 billion in AI-related projects, and is one of the world's largest efforts to invest in data centres and energy facilities. It aims to mobilize up to $100 billion including debt financing for such investments, which will focus on the United States.
Temasek's participation comes after the Kuwait Investment Authority joined AIP earlier in June.
The sovereign wealth fund of Kuwait was the first non-founder financial anchor investor to join the consortium, which also has partners including Nvidia and billionaire Elon Musk's xAI.
"Temasek's investment in the AI Infrastructure Partnership reflects our focus on the big shifts and trends of the future," Ravi Lambah, Temasek's head of strategic initiatives, told Reuters.
"AI is potentially the most transformative and impactful technology for all sectors and businesses," he added.
Temasek did not provide financial details of its investment. The company reported a net portfolio value of S$389 billion ($304 billion) as of March 31, 2024.
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